Atlas Copco Announces Receipt of Requisite Tenders, Consents in Tender Offer and Consent Solicitation for Rental Service Corporation Notes.NEW YORK--(BUSINESS WIRE)--July 29, 1999-- Atlas Copco AB today announced that its wholly-owned subsidiaries, Atlas Copco North America Inc. and Pandion Acquisition Corp., have received tenders and consents from holders of the 9% Senior Subordinated Notes due 2008 issued by Rental Service Corporation (NYSE NYSE See: New York Stock Exchange :RSV RSV respiratory syncytial virus; Rous sarcoma virus. RSV abbr. respiratory syncytial virus RSV 1 Respiratory syncytial virus, see there 2 Rous sarcoma virus, see there ) sufficient to amend the Indenture governing such Notes. On July 15, 1999, Atlas Copco North America and Pandion Acquisition commenced a cash tender offer and consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with relating to the $200,000,000 outstanding principal amount of the Notes. The tender offer and consent solicitation are being made pursuant to an Offer to Purchase and Consent Solicitation Statement dated July 15, 1999 and related Consent and Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. , which more fully set forth the terms of the tender offer and consent solicitation. The consent date relating to the consent solicitation expired at 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Wednesday, July 28, 1999. Holders of approximately 99.85% of the outstanding principal amount of the Notes have tendered their Notes and consented to the proposed amendments to the Indenture governing the Notes and related documents prior to the consent date. Atlas Copco intends to cause Rental Service to enter into a supplemental indenture relating to the Notes incorporating the proposed amendments, as described in the Offer to Purchase and Consent Solicitation Statement. The proposed amendments will not become effective, however, unless and until the Notes are accepted for payment pursuant to the terms of the tender offer. Once the proposed amendments to the Indenture become effective, the holders of Notes not tendered into the offer will be bound thereby. The tender offer for the Notes will expire at 12:00 Midnight, New York City time, on August 11, 1999, unless terminated or extended. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Corporation is acting as the dealer manager and solicitation agent for the tender offer and the consent solicitation. The depositary for the tender offer is Norwest Bank Minnesota, N.A. The tender offer is conditioned upon, among other things, the consummation of the merger of Pandion Acquisition with and into Rental Service as contemplated by the merger agreement between the parties. As previously announced, the merger is expected to be consummated on or about July 29, 1999. Additional information concerning the terms of the tender offer and consent solicitation may be obtained from Credit Suisse First Boston Corporation, the dealer manager and solicitation agent, at 1-800-820-1653. Copies of the Offer to Purchase and Consent Solicitation Statement and related documents may be obtained from Beacon Hill Partners, Inc., the information agent, at 1-800-755-5001. Atlas Copco is an international group of industrial companies with its head office in Stockholm, Sweden. In 1998, the Group had revenues of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 4.2 billion, with 97 percent of revenues outside Sweden, and more than 23,000 employees. Atlas Copco companies develop, manufacture, and market electric and pneumatic tools, compressed air compressed air, air whose volume has been decreased by the application of pressure. Air is compressed by various devices, including the simple hand pump and the reciprocating, rotary, centrifugal, and axial-flow compressors. equipment, construction and mining equipment, assembly systems, motion control products, and offers related to service and equipment rental. Well-known North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. companies in the Atlas Copco Group are Prime Service, Inc., Milwaukee Electric Tool Company The Milwaukee Electric Tool Company is a manufacturer of heavy-duty portable electric power tools and accessories. The company was established by A. F. Siebert in 1924 in Milwaukee, Wisconsin. and Chicago Pneumatic Tool Company. Additional information about Atlas Copco is available at the Group's web site, www.atlascopco.com, which provides access to current news about Atlas Copco. Rental Service Corporation is a leader in the rapidly growing equipment rental industry, servicing the needs of a wide variety of industrial, manufacturing and construction markets. Headquartered in Scottsdale, Arizona, Rental Service operates 274 locations throughout the United States and Canada. |
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